Bitcoin is set to close its first red April in six Months. Moreover, Bitcoin is about to end the month with around 8% lower. It is the first losing streak since 2015, despite an impressive Q1 performance. However, Ethereum keeps hitting all-time highs.
Though analysts may not be worrying about Bitcoin’s latest price dip, the first negative month of April is about to end despite hitting all-time high two weeks ago. According to Bybt, a monitoring resource Bitcoin, shows the worst record of -8.3% in April 2021, to make a loss.
Bitcoin’s April, like some others
Bitcoin’s April performance contrasts that of March. Though April month is traditionally a bad month for Bitcoin, the year conversely saw a profit of nearly 30%. Moreover, Q1 is facing three straight months of high, which has not happened since 2013.
Thus, the year 2021 continues to buck multiple Bitcoin price trends. There is a brief spike to $56,200 due to the rumors that Facebook bought Bitcoin in Q1. Despite making it to the mainstream media, these rumors are turning out to be baseless.
Additionally, all Bitcoin’s best-known names were completely unfazed due to the lack of adoption miracle from Facebook’s Q1 earnings report. Travis Kling, CEO of Crypto asset manager Ikigai, tweeted his followers. He told his followers that it is unfortunate if you have sold your Bitcoin as Facebook did not buy any in Q1.
$54,500 shows a Balanced situation
Bitcoin is trading at around $54,600. Currently, both calls and puts appear to be virtually balanced. Since a $100 million to $150 million difference is likely not sufficient to incentivize either side, the monthly closure may be uneventful to pressure the price. If Bitcoin price can be managed to plunge below $50,000, an additional 3,850 put options could be exercised.
